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How Does Coupon Referral Programs Increase The Average Order Value of An Online Business?

Based on the very old yet proven theory - “People influence people” is referral marketing. Referral programs are one of the most trusted media used by marketers for increasing sales. Out of the many referral programs, we’ll be discussing the convention coupon referral program and we’ll see how it is responsible for increasing average order value.

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How Does Coupon Referral Programs Increase The Average Order Value of An Online Business?

  1. 1. How does coupon referral programs increase the average order value of an online business? 1 MakeWebBetter
  2. 2. What is a referral program? A referral program is a great way by which you can incentivize your customers for spreading the word about your products and services. 2 MakeWebBetter
  3. 3. The aim of a referral program is to increase the number of clients through the word of mouth. 3 MakeWebBetter
  4. 4. Referral Marketing Insights 4 MakeWebBetter
  5. 5. Referrals are responsible for a 70% higher conversion rate. Word of mouth is responsible for 20-50% of purchasing decisions. Referral Marketing Insights 28% Millennials won’t try a product if not suggested by a friend. 5 MakeWebBetter
  6. 6. Types Of Referral Programs Direct Referral Program Implied Referral Program Tangible Referral Program Community Referral Program 6 MakeWebBetter
  7. 7. The most common form of a direct referral program is digital coupons. Often used by retailers to offer discounts to current customers. Retailer Current Customers Referrals 7 MakeWebBetter
  8. 8. A coupon referral program is a cost-effective approach for lead generation by using your current customers for spreading the word about your brand. 8 MakeWebBetter
  9. 9. How does a coupon referral program increase the average order value? 9 MakeWebBetter
  10. 10. Fact 1: Referral coupons are responsible for generating higher revenue and ROI. 10 MakeWebBetter
  11. 11. Referral marketing is capable of enticing qualified leads that are likely to make more purchases. With a referral program, you can see sustainable revenue growth. 11 MakeWebBetter
  12. 12. Fact 2: Coupon Referral Programs Are Cost-Effective 12 MakeWebBetter
  13. 13. Unlike other marketing channels, a coupon referral program makes use of current customer for increasing your customer base. 13 MakeWebBetter
  14. 14. Fact 3: Referred Customers Have Longer Lifetime Value 14 MakeWebBetter
  15. 15. Rewarding your customers with small incentives makes them feel special and loyal to your brand. As per a study, referred customers spend 25% more and have 34% higher AOV. 15 MakeWebBetter
  16. 16. Fact 4: Referred Customers Are Loyal Customers 16 MakeWebBetter
  17. 17. Referred customers have a much stronger commitment to a brand in a short span of time. As per a study by, Wharton Business School over a period of 33 months 82% of customers showed a probability of remaining active customers. 17 MakeWebBetter
  18. 18. Fact 5: People Trust People 18 MakeWebBetter
  19. 19. Most consumers believe in pre-purchase research like reading reviews and checking prices. A referral program makes their work easier. Since the buyers are listening directly from someone they know personally. 19 MakeWebBetter
  20. 20. So this was all about: “How does coupon referral programs increase the average order value of online businesses?” 20 MakeWebBetter
  21. 21. But Wait !!! For a successful referral program, you need to have enough referrals to promote your brand. Let’ start with a new sequel - “How to get enough referrals?” Stop !! 21 MakeWebBetter
  22. 22. Tip 1: Promote your referral program over social media. 22 MakeWebBetter
  23. 23. Tip 2: Make it visible all over your website. 23 MakeWebBetter
  24. 24. Tip 3: Send personal emails to all your active customers. 24 MakeWebBetter
  25. 25. Tip 4: Encourage existing referrals to increase their clientele. 25 MakeWebBetter
  26. 26. Tip 5: Make your referral programs easy to understand. 26 MakeWebBetter
  27. 27. Tip 6: Encourage automation 27 MakeWebBetter
  28. 28. If you’re a WooCommerce store owner and looking for a perfect solution, then let me introduce you to: Coupon Referral Program For WooCommerce 28 MakeWebBetter
  29. 29. An here’s a short video to make it more clear: 29 MakeWebBetter 10
  30. 30. Want Recommendation for your business? Contact us anytime at: 30 MakeWebBetter 10
  31. 31. MakeWebBetter 31